50,000 Shares in Magnite, Inc. $MGNI Bought by Nano Cap New Millennium Growth Fund L P

Nano Cap New Millennium Growth Fund L P acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 50,000 shares of the company’s stock, valued at approximately $812,000.

Other large investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its stake in Magnite by 20.5% in the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after buying an additional 577 shares during the last quarter. US Bancorp DE lifted its stake in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares during the last quarter. AlphaQuest LLC lifted its stake in Magnite by 8.4% in the third quarter. AlphaQuest LLC now owns 13,491 shares of the company’s stock valued at $294,000 after buying an additional 1,044 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Magnite by 2.4% in the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after buying an additional 1,047 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MGNI shares. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Wells Fargo & Company raised their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Royal Bank Of Canada cut their target price on Magnite from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Scotiabank raised their target price on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Insider Transactions at Magnite

In related news, Director Robert F. Spillane sold 10,000 shares of Magnite stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director directly owned 43,917 shares of the company’s stock, valued at $585,413.61. The trade was a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.80% of the stock is currently owned by insiders.

Magnite Price Performance

NASDAQ:MGNI opened at $13.19 on Friday. The business’s 50-day moving average price is $12.70 and its 200 day moving average price is $13.88. The firm has a market cap of $1.89 billion, a P/E ratio of 12.68, a PEG ratio of 0.62 and a beta of 2.33. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.12 earnings per share. As a group, sell-side analysts predict that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Magnite Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).